HJ Sims Co-Invests with Watermark Retirement Communities in Florida Developments
Watermark Retirement Living (“Watermark”) manages 65 communities in 21 states with additional communities under development, including CCRC’s, standalone independent living, assisted living and memory care communities in addition to Medicare-certified rehabilitation and skilled nursing neighborhoods. Watermark has an ownership interest in many of these assets, both on its own and through its acquisition and development arm, The Freshwater Group. Watermark was founded by David Freshwater and David Barnes, who have been leaders in the development, acquisition, management and innovation of senior living and care communities across the nation.
Watermark has partnered with ZOM Living (“ZOM”) to develop two luxury senior living communities in South Florida. ZOM is a highly regarded luxury multifamily developer, and has joint ventured or directly developed over 23,000 apartment units, nationwide, with an aggregate value of nearly $4.5 Billion. Throughout its 43-year history, ZOM has garnered more than 180 industry awards for project design and development expertise, including the prestigious national Multifamily Development Firm of the Year award.
HJ Sims had the opportunity to acquire an ownership interest in Watermark’s interest in two luxury senior living communities currently under development in South Florida: The Watermark at Coral Gables and The Watermark at West Palm Beach. The Watermark at Coral Gables Community will be an 8-story AAA luxury senior living community consisting of 103 independent living, 63 assisted living and 30 memory care units. The West Palm Community will be an 8-story AAA luxury senior living community consisting of 100 independent living, 34 assisted living and 20 memory care units.
HJ Sims and Watermark formed a joint venture, through which HJ Sims acquired a minority interest in the General Partner owner of both communities (the “GP Co-Investment”). HJ Sims sold securities through its Private Client Group to fund the GP Co-Investment. HJ Sims structured its investment to meet the return thresholds of its investors, while providing promoted returns to Watermark.
The customized financing structure benefits Watermark, as the GP Co-Investment allows Watermark to preserve capital for additional growth opportunities, while providing additional upside through promoted returns as the project sponsor. This investment marks HJ Sims’ sixth investment with Watermark. HJ Sims excels in providing customized financing solutions allowing valued partners such as Watermark to focus on what it does best – develop, own and operate premier senior living communities.
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